Report to Mayor and City Council
Tuesday, November 21, 2017
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF A CONTRACT WITH NEWMARK KNIGHT FRANK COMMERCIAL BROKERAGE TO SELL THE CITY-OWNED PROPERTY AT THE NORTHWEST CORNER OF VICTORIA STREET AND CEDARBLUFF WAY (CITY COUNCIL)
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I. SUMMARY
The City and another party entered a Settlement Agreement which requires the parties to jointly list a property at the northwest corner of Victoria Street and Cedarbluff Way for sale at an appraised value, and to split the net proceeds after costs. The City is in control of the sales process. A Request for Proposals (RFP) was conducted in October, 2017 to identify a qualified real estate broker to market and sell the Property (Exhibit No. 1). Seven responses were received from the RFP and, after evaluation of the proposals, staff recommends that City Council approve an agreement with the firm of Newmark Knight Frank Commercial Real Estate Brokerage Services to sell the property (Exhibit No. 2).
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE the agreement with Newmark Knight Frank to provide real estate broker services for the sale of the City-owned property located at the northwest corner of Victoria Street and Cedarbluff Way.
2. AUTHORIZE the Mayor to execute the agreement, following approval as to form by the City Attorney.
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III. ALTERNATIVES
TAKE any other action the City Council deems appropriate that is consistent with the requirements of law.
IV. BACKGROUND
The Subject Property, comprising 1.6 acres at the northwest corner of Victoria Street and Cedarbluff Way, is part of the Dominguez Hills Village development. In the Dominguez Hills Village Specific Plan, the Subject Property was identified as a site for a child care center with a 150 student capacity, with ample outdoor play areas in excess of those required for a child care center of that size. In 2007, K. Hovnanian, the developer of Dominguez Hills Village, conveyed...
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